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of trade, as well. yes, an ipad in china gets made and it's value point $50. but it's only about $20 of that that goes to china and the rest goes back to the u.s. we'll get into the dynamics of trade, as well, and how we measure it. we'll also be joined by the ilo director general, as well, guy rider. we'll hear from the head of the world intellectual property organization. so it's a big trade day here from geneva on "worldwide exchange." lots of great things to get into. and by the way, 157 members of the wto, shortly to be 158. kazakhstan today should get the approval, all 157 ambassadors are here. they will get approval later this afternoon. so an ever expanding membership base. >> kazakhstan being just the latest. plenty more from ross straight ahead on the program. in the meantime, we want to check in our how markets are doing. so much attention on italy. in particular, you can see the message broadly speaking this morning is in negative, we're seeing about a four to one outpacing decliners versus vapsers here. the stoxx 600 is down abo about .37%. let's take a look across the t
. >> very nice. >> all right. aside from that, we'll take a look at upbeat economic news out of china. the purchasing managers index rising to 50.9 in december. highest level since august. the surge also helped speculation the chinese government will take additional steps to support its economy. of the 15 times china's up 3%, since '09, s&p that day is up 13 times. almost every time. despite the futures today, is it a good omen for the markets here? >> look, there was a dichotomy in that government. there were people who were concerned about inflation. and there were people who said, listen, we're not growing fast enough. they do have a lot of levers. if they want to grow, i still -- i've been a bull on china. if they want to do 9%, 10%, they have the ability to do it. all they have to do is have a gigantic sewer infrastructure program. >> that's true. there's going to be an economic war conference held soon. it's believed the government will start to release growth forecast at that conference and perhaps unveil some further stimulus measures or tip their hat in terms of whether they
the results of that in around about 30 minutes. >>> and china and india secretary growth slowed in november. analysts say china and india's nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. at the same time, china's new leadership, as we pointed out, has laid out some fresh directives. >> these are some pretty sweeping reforms making china's famously inefficient bureaucracy more efficient. it's an effort to "win the confidence and the support of the people" as public backlash rose against the special treatment of politicians. so a new list of dos and don't's for chinese leaders. on the do side, cut down on giving face. the art of extreme flattery or reverence, which results in some very long meetings and speeches. keep them short and cut down on the lavish feasts. he's also encouraging more travel to rural parts of the country where the real problems are. on the don't's side, stop the empty talk. in china, niceties are often more formal and exaggerated than west. another one is don't stop traffic. if you've ever been to
daily gain in more than thee years ago china gets ready to chart its new economic plan. domestic demand is strong enough to keep the lid on growth. >>> european markets get a lift from the latest european market data showing the private sector has expanded for the first time since april and signaling europe could avoid a recession in q4. >>> and japan's business sentiment sours in the fourth quarter. this reading comes two days before a nationwide vote that suggests it will hand the ldp position a landslide win. >>> we're going to give you all the latest results from the flash december data for the pmi for the eurozone that we're just getting out. the overall, the deposit is a touch stronger for the month of december. the details show the manufacturing weakened slightly and its services strengthened slightly. they are overall still in negative territory. and we're seeing the euro/dollar respond a little bit to the downside. down about 0.01% trying to fight back into flat on the day. 130.75 is the level there. again, the services pmi is at 47.8. compared with the 47 that was expected. it
particularly the china pmi numbers and what we've seen from gdp recently that maybe some of the markets key to u.s. exporters may be showing signs of stabilizing, maybe get to growth. so that might mean moderation in the eurozone might ease in the first quarter. but again, this is all dependent on what happens with that ongoing debt crisis and any step back in resolving that would obviously have a knock-on effect to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of th
.s. has slapped duties on wind turbine towers on china on price its says were unfairly cheap. this comes as washington welcomes a high-level chinese delegation led by the vice premier. his team is in the u.s. to talk trade and economy. he's expected to meet with u.s. treasury secretary tim geithner tomorrow. wang is the first official from the new leadership team to visit with the u.s. for more on the impact and implications of this, let's speak with frank ching, adjunct associate professor at the chinese university of hong kong. frank, hi. the first news that we're getting out of this appears to be more import duties s. this going to be the theme of u.s./china relations, or do you expect these meetings to be more of a thaw? >> well, i think that these are the first meetings since the new leadership in china was installed. and since president obama saw -- well, won second term. i think both sides want to make use of this occasion to improve their relationship. so this joint annual meeting is a platform, and i think that they will probably be able to achieve some progress on issues of con
.s. in general is looking positive. and the u.s. is creating a lot more jobs. china is still positive in the fourth quarter. china is going to show a slow and steady improvement. so we need those. >> higher expectations stronger in the likes of taiwan, india and brazil. let's go back to where you say they're weakest. greece, italy, spain, the netherlands. this is a very weak feature, indeed. how bad in it? >> it's bad. the eurozone is the global economic problem now. if you look at asia where i just returned from, both countries are feeling optimistic. but they seem to be inwardly focused now by being a triangle of china, india, indonesia. we're not seeing a great benefit into europe as we did before. for instance, germany is looking pretty pessimistic. based on its lack of export performance to places like china. >> yeah. when the bundes bank came out and shortly downgraded forecasts, how is the employment picture? if you've got a relatively healthy china and the u.s. consumer bounce back, wouldn't that help germany? >> it certainly would. germany is relatively flat in terms of the e
't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace of the negotiations here and the frustration that he's experienced going through all of this over the weekend. take a listen. >> now, i'm concerned about the lack of urgency here. like we all know we're running out of time. this is far too much at stake for political gamesmanship. we need to protect the american
in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are poised to excuse samsung of breaking competition rules and filing competition patent lawsuits against samsung. greater chinese markets, shanghai more isolated from global happenings and fiscal cliff
obviously focus on is china. in september, they approved infrastructure projects. love the way the stocking is acting the last couple of days. dagen: you are bullish on the global economy. charles: for a while now. connell: you are not worried about china athol? charles: i think china is going to continue to be on a roll. i am also impressed with brazil, indonesia and turkey. the rest of the world really doing extraordinarily well. connell: we like when you go global on us, charles. what do you use, google maps or apple? charles: stuart varney is probably better than me when it comes to these smart phones. connell: i do remember when you got away from the flip phone. charles: that is only because i left it in the green room. i heard someone from the smithsonian came up. dagen: charles, thank you so much. connell: let's go to this google graphic story. it is a very popular app. let's put it that way. we will talk about that coming up. more from washington, the house speaker ready to put through his own legislation. >> our hope continues to be to reach an agreement with the president what we
, americans take out insurance to rebuild their lives. but in china, no such luck. after beijing's worst downpour in decades washed out this home, he and his wife had to borrow $3100 in friends and relatives to rebuild, a small fortune on his meager salary. there's no such thing as homeowners insurance, he says. the industry here has been agreeing over the past decade, but still underdeveloped with private policies largely a foreign idea. in countries like the united states, homeowners insurance replaces pretty much whatever somebody owns. about you but here there is no such guarantees, so people are forced to salvage whatever they can on their own. as more chinese get richer, many are looking for ways two o prot their wealth and lives. >> people are some savings, a first car and all that, typically insurance product is actually a very good product for them. >> right now car insurance is popular. china is expected to become the second largest insurance market behind the u.s. by 2020. and the competition is fierce, still dominated by chinese players like picc. international insurers face
it varies by market. we saw significant growth in asia, particularly in china, double digit growth even though supply was growing fast. what we saw in europe and the u.s., we saw supply growth was restrained because there wasn't bank finance and there still isn't which means rev par is growing 6%, 7%, 8%. so it's been quite a strong market and total revenues have grown, as well. demand has grown, we've seen a robust business for the last three years and we've grown highway patrol ahead of the market which is something we try to do. >> i note that you're still expanding, as one would maybe anticipate now and asia is still a very important market. how much expansion are you doing there? >> well, the u.s. is our biggest market, about 60%. china is about 10% of our business. it's about 30% of our clients. for our companies, we have about 11% or 12% of the total pipeline in the world and effectively 30% of that is china. so china is now our second biggest market. is between -- let me get the years right. between '09 and '11, our business doubled there from $1 billion to $2 billion a year. it
vacuum cleaner. sucking into the united states the net exports of europe, japan, and lately china. thus providing exporters -- germany, japan, or china -- with the requisite demand necessary. to keep the factories going. so, the ever expanding trade deficit was not an accident. it was a very clever way of replacing one that surplus recycling system with another. the first one, it was one where america had a surplus and america decided instead of doing what germany is doing at the moment -- which is cutting its nose to spite its face, and thereby entering into recession by cutting, cutting, cutting -- volcker and kissinger initially, and then volcker as the head of the fed had a different idea. we are going to expand our dominance and our wealth by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of ours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is game over. but if you are the united states of america and you have the rese
tomorrow. >>> the world bank in the meantime is raising its 2013 economic growth forecast for china and for developing east asia. the organization says that the region remains resilient despite the lackluster performance of the global economy. the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed unfairly low. the news from the commerce department comes as u.s. officials welcomed a high-level chinese delegation for trade and economic talks. the u.s. trade panel has final approval over the duties and is expected to vote on the case in late january. >>> in corporate news, ubs hit with a $1.5 million fine today. that will add up, a few more of those. the swis
china, southeast asia or from as far as the u.s., norway, etcetera in buying korean won bonds and most likely these are from the sector due to their diversification needs and attracted by the korean bond markets. and if you look at the yields, although it has already come lower quite a lot, but if you compared that with treasury yields, that is very attractive. >> we'll leave it there. thank you very much. >>> now if you're just joining us here on "worldwide exchange," these are your headlines. a union at last. the eu finance ministers hand the ecb the power to supervisor more than 150 banks following another late nightmare thon session in brussels. the euro bounces on the news, but stocks in europe trade lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. goes over the fiscal cliff. >>> and the u.s. takes another surprising step tying interest rates to the u.s. unemployment rate. >>> plus, investors chairing danone plan to save $2 million over the next two years as they try to offset a slump in southern europe. >>> straight ahead on the progr
. china coming back. gm rationalizing europe. >> gm europe, when you say a couple quarters behind ford, are you saying progress in the quarterly financials? >> committed to rationalizing europe. >> again, a larger theme of excess capitalization at u.s. corporations, and the fact that so much money is sitting on balance sheets doing nothing. >> did you read oracle? how much money do they have. they bought back 10 billion worth of stock. these companies, you read through their stories, and you say, not only did they not extend themselves during this downturn, they conserved a lot of cash. by the way, humans did, too, in america. have you seen the numbers that the federal reserve put out last night about how much money is being -- how little debt is being taken down by citizens. we're back to levels of the '90s. federal household debt service came out last night. the percentage of disposable income is 14%, down to 10%. that's 1994 levels. >> that's a big part of morgan stanley's call on citi today. from overweight to equal weight. consumer deleveraging in their view coming to an end. and
] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to squawk. happy monday. today in the "wall street journal" suggesting netflix could end up doomed with its success with children. netflix just for kids get more popular. companies like viacom get accurate. companies provide netflix with most of its content in a kids' focused section. the journal says at some point the suppliers will probably want to charge netflix more or they might even stop selling to netflix. that's been a huge problem for them when it comes to contend more broadly. >> time for the global markets report. kelly evans standing by in london. you rise above over
market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens
can see, with the kospi up the most, 1.5 points. >> strong nebs out of china which suggest maybe the economy is rebounding more than expected. >> the exports. >> yeah. >> among the catalyst in asia trading today, economic stats out of china. export growths slowed sharply to 2.9% in december. that news j underscores the global headwinds dragging on the economy. but the chinese economy is showing solid signs of a pick up in domestic activity. industrial output was stronger than expected. the country has been saying for years it needs to shift a little bit from the export model the internal consumption. let their middle class grow and not be nearly as dependent on exports. and china's oil demand in november surpassed 10 million barrels per day for the first time ever. the country's crude imports rose to the second highest daily rate on record. analysts say this is further evidence of the chinese recover. and i saw this story on -- every once in a while i check tweeting. >> i saw it on google, too. kayla tausche reporting -- >> kayla beat nick dunn. >> nick dunn was quoting kayla. >>
.o. of big caterpillar equipment and talk about what's going on in china and i hope we get back to that. you're right that's all we're talking about instead of talking about caterpillar and what you do well as a great company. >> thank you. again, every time i come to the floor it's the hub of our greatness in this country of business. it's why we're here. it's really fun and exciting and let answer get into '13 and get into real things. i'm with you, joe. >> i know, but this deal has to play in peoria. >> it will play. >> compared to what you got in illinois now anything looks good. thanks. >> okay. >>> the executive chef tpz at jpmorgan the bank naming two chief officers to oversee things like anti-moneying. kayla tausche joins us. >> the person to watch everyone watching is looking at jez staly, he was chairman as of july largely viewed as a swank song role that rivals have taken note of. there were discussions over the ceo at legg mason, the baltimore asset manager. the talks fell apart and staly was the top of the short list for the board and recruiters after being serious talks for the
Search Results 0 to 19 of about 20

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